ALBION VENTURE CAPITAL TST PLC (AAVC)

ALBION VENTURE CAPITAL TST PLC (AAVC)

Seminars

ShareSoc Growth Company Seminar, London, February 2017

Click here for the Stockopedia Reports Click here for the Seminar Report

Blog posts

ShareSoc Campaign has Successful Outcome at Albion

ShareSoc is pleased with the outcome of this consultation with shareholders following the shareholders 30% vote against the fee proposal at the General Meeting in August 2019. This shows:...

Albion Capital Group LLP Partners’ 67% pay increase

Albion Capital Group LLP have recently disclosed their average pay per Partner for year end 31 March 2019 was £803,000, a whopping 67% increase on the previous year (£480,000)....

Albion Venture Capital VCT (AAVC) AGM Result and Actions

30% of shareholders opposed the increase in fees at the AAVC AGM. This is a remarkable result and sends a strong signal to the directors that they need to better engage with their shareholders. I think the % voting against would have been higher if: we had started our campaign earlier we had received the shareholder register earlier we had been able to get in touch with all shareholders prior to the AGM the directors had not sent out a letter to ...

Voting Problems, Computershare, Albion Venture Capital and PLAIN ENGLISH.

By Cliff Weight Computershare have refused to accept a vote instruction for the Albion Venture Capital AGM, because it was sent to them electronically. It was signed, scanned and sent to them by email. They say that the meeting notice says what form the instruction must be sent and this overrides the Companies Act, CA2006 S333. The notice says the instruction must be sent to Computershare, but does not say how (see below for the precise wording used). In this modern age, surely ...

Albion Venture Capital Trust PLC and Ventus funds

The Albion Venture Capital AGM is on Wed 21 Aug. Cliff Weight, Mark Lauber, Tim Grattan and others will be attending and asking questions. I finally received the Albion Venture Capital register on 16 August 2019. However, Albion Venture Capital VCT Chair Richard Glover wrote to all 5,300 shareholders on 15 August. Many were sent emails but the copy of the register we were given did not have email addresses, so we were unable to email shareholders. In the time available ...

Albion Venture Capital VCT Blog number 2

Albion want to change the performance fee from the current arrangement (1.9% management fee, plus 8% of returns over a hurdle rate of 5% per annum with a high-water mark) to 20% of returns above a hurdle of RPI +2%p.a., from a new starting point of NAV at 1 April 2019. ShareSoc recommends shareholders vote against this proposal and other resolutions at the AGM on 21 August. 1.9% plus 20% is egregious, particularly when: it represents an increase from historically agreed arrangements and  ...

Albion – Yet another VCT problem case

Albion Venture Capital Trust plc is proposing to rebase the incentive fee for its investment manager. The proposal looks too generous and will result in far too much of the value going to the managers and too little to shareholders. The new proposed threshold of RPI plus 2% is too low and the 20% share is too high. It would be very bad precedent if this was passed and became the norm for other VCTs. I recommend shareholders attend the AGM ...

AGM Reports

Albion Venture VCT (AAVC) AGM 2019

This year’s Albion AGM was held at The Charterhouse, Charterhouse Square, London EC1M 6AN on Wednesday 21 August 2019 commencing at noon. This year there was also a General meeting to accompany the Annual General Meeting with the formal business for both meetings scheduled to occur after the Manager’s Presentations and the Q&A sessions My notes from last year’s Albion VCT AGM can be found here: https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc/ The IMS (April 1st to June 30th 2019) was also released on the same day as the ...

Albion Venture VCT (AAVC) AGM 2018

This year’s Albion Venture VCT AGM was held on Monday (August 13th 2018) starting at 11.00. The venue was the same as the previous eight AGMs: The City of London Club, 19 Broad Street, London, EC2N 1DS. Notes from last year’s Albion VCT AGM can be found here: https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc-agm-2017/ The Annual Report for year ending March 31st 2018 report can be found here: https://www.albion.capital/sites/default/files/reports/attachments/... The IMS (April 1st to June 30th 2018) was also released on Monday, this reported NAV at 76.5p/share (on June 30th), which ...

Albion Venture VCT (AAVC) AGM 2017

This year’s Albion Venture VCT AGM was held on Monday (August 14th 2017) starting at 11.00. The venue was the same as the previous seven AGMs: The City of London Club, 19 Old Broad Street, London, EC2N 1DS. My notes from last year’s Albion VCT AGM can be found here: https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc-agm-report-2016/ The Annual Report for year ending March 31st 2017 report can be found here: https://tinyurl.com/ybonm38k The IMS (April 1st to June 30th 2017) was also released on Monday, this reported NAV at 75.7p/share (on June ...

Albion Venture VCT (AAVC) AGM Report 2016

This year’s Albion Venture VCT AGM was held on Monday (August 8th 2016) starting at 11.00. The venue was the same as the previous 6 AGMs: The City of London Club, 19 Broad Street, London, EC2N 1DS. My notes from last six Albion VCT AGMs are here: 2010: http://boards.fool.co.uk/albion-vct-agm-11963551.aspx 2011: http://boards.fool.co.uk/albion-vct-agm-notes-2011-12314810.aspx 2012: http://boards.fool.co.uk/albion-vct-agm-2012-12644297.aspx 2013: http://boards.fool.co.uk/albion-vct-agm-2013-12858864.aspx 2014: http://boards.fool.co.uk/albion-vct-agm-2014-13065458.aspx 2015: http://boards.fool.co.uk/albion-vct-agm-2015-13249242.aspx The annual report can be found here: http://tinyurl.com/hy4q2gh The IMS (April 1st to August 8th 2016) was also released on Monday, this contained no real surprises. NAV was 72.3p/share (on June 30th ...

ShareSoc News

Albion Venture Capital VCT – AGM recommendations

Following a successful engagement led by ShareSoc (Tim Grattan and Cliff Weight led this Campaign) we agreed a compromise with the Directors and agreed to support the new proposals. The annual report has now been published and contains the following description of the way the Board engaged following the 2019 AGM. New management performance incentive At the General Meeting held on 21 August 2019, an ordinary resolution was proposed to approve the changes to the Company’s Management Agreement, as detailed in the circular sent to shareholders on ...

Law Commission Review of Intermediated Securities Consultation

I am writing to ask you to: Send me examples and evidence we can use in our submission; Consider making a personal submission yourself; and to Update you on this important issue. Submissions to The Law Commission Call for Evidence on the subject of dematerialisation, intermediated securities, shareholder rights and nominees/platforms must be made by 5 November. The Law Commission “scoping” study will provide an accessible account of the law. It will also identify the corporate governance and other legal issues associated with ...

Albion Venture Capital (AAVC) Update 4, 14 Oct 2019

AAVC Chairman Richard Glover invited ShareSoc to a meeting to discuss our concerns as part of his process to engage with Shareholders, following the 30% vote against the new management agreement voted on at the EGM in August 2019 and the very extensive questioning at the AGM (see the AGM write up by Tim Grattan https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc-agm-2019/  and my own report https://www.sharesoc.org/blog/vcts/albion-venture-capital-vct-aavc-agm-result-and-actions/ . AAVC is engaging with a broad range of shareholders and has written to about 50% of the larger shareholders who ...

Albion (AAVC): ShareSoc Launches Albion Campaign, Latest News

On 5 August 2019, ShareSoc formally launched a new Campaign, The Albion Venture Capital VCT Campaign see https://www.sharesoc.org/campaigns/albion-vct-campaign/ . ShareSoc, the UK Individual Shareholders Society, is very concerned by proposed changes to the Albion Venture Capital VCT (AAVC) fees charged by its investment manager Albion Capital. We have therefore launched a campaign, seeking members to vote against resolutions 2, 3, 4, 7 and 8 at the Albion Venture Capital AGM  and the GM resolution on 21 August 2019. In addition, we seek ...

Campaigns

Albion Venture Capital VCT Campaign

This campaign is now closed ShareSoc is very concerned by proposed changes to the Albion Venture Capital VCT (AAVC) fees charged by its investment manager Albion Capital. We have therefore launched this campaign, seeking members to vote against various resolutions at the Albion Venture Capital AGM on 21 August 2019. In addition we seek to persuade the Albion Venture Capital directors to agree a better deal with the investment manager. Quick Links Join the campaign Description of the campaign Campaign objectives Information and Updates ...